THE company behind Ambrosia rice and Bisto gravy called a halt to a wave of sell-offs as it served up tastier profits.

Premier, also home to brands such as Hovis, Mr Kipling cakes and Sharwoods curry sauce, said it had finished selling non-core brands for the time being – although it did not rule out one-off disposals.

The group has off-loaded brands including Sarson’s vinegar, Branston pickle and Hartley’s jam to cut debts of £1.3billion amassed in a buying spree.

It said net debt now stood at £950.7million while profit in the year to December 31 rose 10.6 per cent to £123.4million.

Former chief executive Michael Clarke launched the sales and other changes to revive Premier’s fortunes. He quit in January after just 18 months.

Bisto gravy tins are now collectors' items

The management team did a great job in 2012 to lay the foundations for future growth

CEO Gavin Darby

His successor, ex-Cable and Wireless Worldwide CEO Gavin Darby, said ­Premier would focus on improving its bread division and building momentum in other brands.

“The management team did a great job in 2012 to lay the foundations for future growth,” he said. Shares rose by 5p to 94¾p.